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Office lease rates rise in Metro Manila

Leasing rates for office space is rising in Manila
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Leasing rates are steadily rising around the metro and vacancy rates declining based on April to June numbers says real estate advisory firm CB Richard Ellis (CBRE) Philippines.


The firm attributed the increased rates to steady demand from the BPO industry. Compared to the previous period, Alabang showed the highest rise in lease rates at 6.1 percent, increasing from P490.66 to P520.72 per square meter monthly. Quezon City had the second highest with an increase of 3.1 percent, rising from P500.84 to P554.36 per square meter.


This was then followed by the Makati CBD with 2.7 percent climbing from P787.62 to P808.51 per square meter and Fort Bonifacio with a 1 percent increase from P690.57 to P697.49. Ortigas area rates increased the slowest with only P554.36 to P550.73 per square meter per month.


Across the metro, vacancy rates overall was below 5 percent. Vacancy rates dipped the lowest in Fort Bonifacio to 1.48 percent from 5.34 percent, Alabang to 3.08 percent from 9.59 percent and Quezon City to 2.79 percent from 5.01 percent.


“Green and efficient buildings is the new trend that prospective tenants are now considering in their space requirements,” says Rick Santos, chairman and president of CBRE Philippines. 

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